Prepayment penalties, also known as exit fees, are exactly what they sound like: additional costs that a lending institution charges the borrower if he chooses to pay off his loan before the term ends.

Although prepayment fees definitely work in favor of lending institutions, clearly they don’t benefit borrowers. You might not even think to ask about exit fees when you sign your loan documents, which could later prove to be a costly mistake if you’re planning on paying off a loan early.

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